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Your friend Chris Stevick started a part-time business in June and has been keeping her own accounting records. She has been preparing monthly financial statements At the end of August she stopped

Your friend Chris Stevick started a part-time business in June and has been keeping her own accounting records. She has been preparing monthly financial statements. At the end of August, she stopped by to show you her performance for the most recent month. She prepared the following income statement and balance sheet:  Chris has also heard that there is a statement of owner’s equity, but she is not familiar with that statement. She asks if you can help her prepare one. After confirming that she has no assets other than cash, no liabilities, and made no additional investments in the business in August, you agree. REQUIRED 1. Prepare the statement of owner’s equity for your friend’s most recent month. 2. What suggestions might you give to Chris that would make her income statement moreuseful?

Apr 05 2020 View more View Less

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